Category Archives: Bedford

The Kitschiest French Manor in New Jersey Wants $6.4M | Bedford Real Estate

 

 

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Location: Mendham Boro, N.J.
Price: $6,400,000
The Skinny: “Old world craftsmanship”, “attention to detail”, “Work of Art”, and “discerning buyer”: phrases like these strung together in the context of a real estate listing should be a warning to the unwary and unschooled homebuyer who, flush with a pre-approved mortgage and eager to buy, is all too apt to be gulled into believing that hideous design somehow equates to high-class residential property. One look inside this gaudy “French Manor” out in the wilds of New Jersey should disabuse any prospective purchasers of that notion, but the sad truth is that riotously patterned wall treatments, garish, hand-painted coffered ceilings, and awful furniture at least have the benefit of being infinitely more interesting than the plain white walls and boring, half-empty great rooms of most modern McMansions. And, come to think of it, aren’t many of the grand homes we celebrate today (i.e. the Biltmore Estate, the Breakers, El Furiedis) just palaces of kitsch that have benefited from the burnishing, patina-inducing effects of passing time? Maybe one day this home, with its absolutely over-the-top chapel (with its weird stained-glass depiction of a saint solemnly tickling the ivories) and its creepily haunting painting of a barkeep (“Your money is no good here, Mr. Torrance”) will be celebrated as a sui generis masterpiece, made the subject of coffee table books and PBS documentaries, and be entered into the pantheon of Great American Homes. Until then it can be had for $6.4M.

 

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http://curbed.com/archives/2014/07/07/the-kitschiest-french-manor-in-all-of-new-jersey-wants-64m.php

Jonathan Smoke will interpret housing data | Bedford Real Estate

 

Realtor.com operator Move Inc. has hired Jonathan Smoke to interpret housing data and act as a public voice for the site as its first chief economist.

For the last six years, Smoke held various executive roles at real estate information and strategic marketing services company Hanley Wood, most recently as the company’s chief economist.

Economist image via Shutterstock.
Economist image via Shutterstock.

Realtor.com competitors Zillow and Trulia have long had their own chief economists. Zillow Chief Economist Stan Humphries and Trulia’s Jed Kolko have become high-profile sources in media stories and housing forums, giving their firms added exposure and credibility with consumers.

Jonathan Smoke

Smoke’s appointment concludes a monthslong search for 18-year-old realtor.com, which up until recently had been barred by the National Association of Realtors from having a chief economist. NAR changed its position sometime in the last year, giving Move its blessing to bring on a real estate spokesperson for the site.

“As the real estate industry and our relationship with realtor.com continue to evolve, both organizations agreed that two voices are stronger than one,” NAR spokeswoman Sara Wiskerchen told Inman News in February when news broke that Move was on the hunt for a chief economist.

NAR has its own chief economist, Lawrence Yun, who helps Realtors interpret housing trends for their clients.

 

 

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http://www.inman.com/2014/06/30/realtor-com-operator-move-inc-hires-hanley-wood-exec-as-sites-first-chief-economist/?utm_source=20140701&utm_medium=email&utm_campaign=dailyheadlinesam

Jonathan Safran Foer Reduces Price of Park Slope Mansion | Bedford Real Estate

 

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While Brooklyn townhouses are still selling like crazy, apparently the $14 million threshold remains a tough one to break. For evidence, look no further than writer Jonathan Safran Foer’s extremely nice and incredibly expensive limestone townhouse in Park Slope, which he and his wife, writer Nicole Krauss, put on the market for $14.5 million back in October. The couple separated shortly before listing the house and are now “living in separate homes in another Brooklyn neighborhood.” In the meantime, the house has not sold, and yesterday it was relisted with a reduced asking price of $13 million.

 

 

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http://ny.curbed.com/archives/2014/06/25/jonathan_safran_foer_reduces_price_of_park_slope_mansion.php

Fixed Mortgage Rates Down Slightly | Bedford Real Estate

 

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates reversing course and moving slightly lower for the week.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.17 percent with an average 0.6 point for the week ending June 19, 2014, down from last week when it averaged 4.20 percent. A year ago at this time, the 30-year FRM averaged 3.93 percent.
  • 15-year FRM this week averaged 3.30 percent with an average 0.5 point, down from last week when it averaged 3.31 percent. A year ago at this time, the 15-year FRM averaged 3.04 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.00 percent this week with an average 0.4 point, down from last week when it averaged 3.05 percent. A year ago, the 5-year ARM averaged 2.79 percent.
  • 1-year Treasury-indexed ARM averaged 2.41 percent this week with an average 0.4 point, up from last week when it averaged 2.40 percent. At this time last year, the 1-year ARM averaged 2.57 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quotes
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

“Mortgage rates were down slightly for the week ending on June 19, 2014. Meanwhile, housing starts in May were 6.5 percent below the revised April rate. Following a similar pattern, building permits fell 6.4 percent in May after a 5.9 percent increase a month earlier. Also, CPI rose 0.4 percent in May, more than expected, following a 0.3 percent rise in April.”

 

 

 

 

 

 

From Houston to LA, “luxury housing” remains relative | Bedford Real Estate

 

Luxury living is highly dependent on the local market when it comes to defining it, an article in the Los Angeles Times said. The article covered a panel of experts at the National Association of Real Astate Editors’ annual conference.

While the luxury price start point differs with geographic region, Frank Malpica of ERA Franchise Systems pegs it at about $500,000 outside of metropolitan areas.

Popular amenities vary by location as well. Media rooms are still “in” in L.A. — less so in Houston. Fireplaces are shrinking and changing in L.A., since newly constructed houses can no longer have wood-burning ones.

Source: L.A. Times

Refinance share continues to grow | Bedford NY Real Estate

 

After weeks of steady declines and levels well below originations the same time last year, mortgage applications jumped a surprising 10.3% from one week earlier, according to data for the week ending June 6 from the Mortgage Bankers Association.

The previous week’s results included an adjustment for the Memorial Day holiday.
The Market Composite Index, a measure of mortgage loan application volume, increased 10.3% on a seasonally adjusted basis from one week earlier.

The Refinance Index increased 11% from the previous week. The seasonally adjusted Purchase Index increased 9% from one week earlier. The unadjusted Purchase Index increased 19% compared with the previous week and was 13% lower than the same week one year ago.

“The jump in applications shows folks are taking notice of rates near six-month lows,” said Quicken Loans vice president Bill Banfield. “The jump in purchase applications is especially good to see, as homeowners may finally be getting comfortable putting their home on the market with the level of inventory they see around them.”

The refinance share of mortgage activity increased to 54% of total applications from 53% the previous week. The adjustable-rate mortgage share of activity remained unchanged at 8% of total applications.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 4.34% from 4.26%, with points increasing to 0.16 from 0.13 (including the origination fee) for 80% loan-to-value ratio loans. The effective rate increased from last week.

 

 

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http://www.housingwire.com/articles/30280-mortgage-applications-unexpectedly-jump-10-for-week

Home price gains over 20% vanish with cooling market | Bedford NY Real Estate

 

Home price gains have been slowing and now Bloomberg confirms what we’ve been seeing.

None of the 100 largest U.S. metropolitan areas had increases of more than 20% in residential asking prices last month — the first time in almost two years that’s happened, San Francisco-based Trulia Inc. (TRLA) said in a report. That compares with seven metro areas, including Las Vegas, Phoenix and California’s Silicon Valley, that had such year-over-year gains in May 2013.

“Big price increases mean there are fewer bargains to be found, and the closer prices get to where they should be, the less prices will rise,” Jed Kolko, chief economist at the property-data provider, said in a telephone interview. “I’d be surprised if we see markets getting back to 20%-plus gains. More inventory should be coming onto the market, investor activity is declining and affordability is worsening.”

 

 

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http://www.housingwire.com/articles/30263-home-price-gains-over-20-vanish-with-cooling-market

 

‘Prima Luce’ and its Two-Story Playhouse Want $23.5M | Bedford NY Real Estate

 

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Location: Montecito, Calif.
Price: $23,500,000
The Skinny: Built from hand-chiseled sandstone quarried from the two-acre estate on which it stands, Prima Luce is a beautiful example of a modern luxury home that successfully (and tastefully) echoes golden age Mediterranean-style California architecture. Built in 2001 from a design by Robert Webb, this 11,440-square-foot Tuscan villa is wonderfully laid out, from the pleasing symmetry of the manse to the expansive grounds that feature a mix of formal gardens, ponds, and even a “Kid’s World” with a two-story, 310-square-foot playhouse built in the same style as the main house. The inside of the home is also top-drawer, with travertine marble, distressed wood floors, and tremendous ocean and valley views, complemented by interiors by Los Angeles designer Mark Weaver, and decorative paintings by Elisa Stancil Studios of San Francisco. Rounding out Prima Luce’s literal embarrassment of riches is a swimming pool and cabana, a guest house, and a seven-hole putting green. It’s asking $23.5M.

 

 

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http://curbed.com/archives/2014/06/02/montecitos-prima-luce-and-its-two-story-playhouse-want-235m.php

Here are the top 10 markets for luxury homes | Bedford NY Real Estate

Despite reports of tight inventory across the nation, not all markets are struggling to survive. In fact, one market segment is reporting record growth, according the latest Redfin report.

This market is luxury homes for sale which are skyrocketing and are on pace to beat last year’s numbers.

Sales of the priciest 1% of homes are up 21.1% so far this year. This follows a gain of 35.7% in 2013.

Meanwhile, on the other side of the bridge, home sales in the remaining 99% of the market have fallen 7.6% in 2014.

Lawrence Yun, National Association of Realtors’ chief economist, noted in the most recent existing-home sales report from NAR, “Some growth was inevitable after sub-par housing activity in the first quarter, but improved inventory is expanding choices and sales should generally trend upward from this point. Annual home sales, however, due to a sluggish first quarter, will likely be lower than last year.”

But the one exception, Luxury Community Lots for Sale, paints a very different picture as 10 markets have already seen sales growth above 50% so far in 2014.

Click the next page to see the top 10 most expensive luxury markets.

10. Long Island, N.Y.:

The price to purchase home: $2,200,000

Average monthly mortgage payment: $8,787

9. Boston, Mass.:

The price to purchase home: $2,313,000

Average monthly mortgage payment: $9,239

Massachusetts

8. Ventura, Calif.:

The price to purchase home: $2,400,000

Average monthly mortgage payment: $9,586

7. San Diego, Calif.:

The price to purchase home: $2,400,000

Average monthly mortgage payment: $9,586

6. West Palm Beach, Fla.:

The price to purchase home: $2,466,000

Average monthly mortgage payment: $9,850

5. Miami:

The price to purchase home: $2,900,000

Average monthly mortgage payment: $11,583

Florida

4. San Jose, Calif.:

The price to purchase home: $3,380,000

Average monthly mortgage payment: $13,501

3. Orange County, Calif.:

The price to purchase home: $3,450,000

Average monthly mortgage payment: $13,780

2. Los Angeles:

The price to purchase home: $3,650,000

Average monthly mortgage payment: $14,579

1. San Francisco:

The price to purchase luxury homes: $5,350,000

Average monthly mortgage payment: $21,369

California houses

Here are the top 10 markets for luxury homes

Fixed Mortgage Rates Near Seven Month Low | Bedford NY Real Estate

 

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving lower for the fourth consecutive week with fixed mortgage rates hitting new lows for this year.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.14 percent with an average 0.6 point for the week ending May 22, 2014, down from last week when it averaged 4.20 percent. A year ago at this time, the 30-year FRM averaged 3.59 percent.
  • 15-year FRM this week averaged 3.25 percent with an average 0.5 point, down from last week when it averaged 3.29 percent. A year ago at this time, the 15-year FRM averaged 2.77 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.96 percent this week with an average 0.4 point, down from last week when it averaged 3.01 percent. A year ago, the 5-year ARM averaged 2.63 percent.
  • 1-year Treasury-indexed ARM averaged 2.43 percent this week with an average 0.4 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.55 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quotes
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

“Mortgage rates continued to decline this week as industrial production slipped by 0.6 percent in April, below the market consensus forecast. Meanwhile, housing starts jumped 13 percent in April to a seasonally adjusted annual rate of 1,072,000 units, well above expectations. Permits rose to a seasonally adjusted annual rate of 1,080,000 in April, also above expectations.